What do Homeowners need to know about selling in today’s market? You’ve probably heard about the cooling of the housing market and you may be thinking of selling your home and wondering what that means for you. While it’s not at the same peak intensity we saw during the pandemic it’s still a seller’s market.

The key to success today is being realistic and working with a trusted advisor who can help set your expectations based on where the market is now, not where it was the past few years.  Here are a few suggestions experts say today’s sellers should consider.

Be willing to negotiate. At the peak of the pandemic, frenzy sellers held all the leverage because the inventory was at record lows and buyers were willing to enter into bidding wars.  This year the Santa Barbara real estate inventory picked up some as the market began to slow. Sellers that came out with unrealistic asking prices have had to reduce their asking prices. Sometimes repeatedly.  Not the best way to start.  When a home first comes on the market there’s an initial excitement that fades over time.  Playing catch-up oftentimes can be more timely and more costly.

This is why when you first put your home on the market price your home at market value.  Even though the inventory may have increased slightly buyer demand has also pulled back in light of higher interest rates.   Since it costs more to buy a home due to higher interest rates your first impression as you come on the market is more critical than ever. Price and condition are critical factors.

Bottom line? If you’re realistic about today’s market your house should sell quickly with preferable terms and conditions.

Home buyers’ and sellers’ biggest misconceptions in a shifting market Source: Zillow

Mortgage Rates fall for Third straight week as demand drops Source: CNBC

The Luxury Millennial Mindset Explained Source: RIS Media

Buying or Selling Your Home in Santa Barbara, California